Sentry, a supplier of software development tools recently valued at over $3 billion, has purchased Codecov.
- Service for monitoring applications Sentry has purchased the maker of development tools, Codecov.
- Sentry just received $90 million in Series E fundraising, which put a $3 billion valuation on the business.
- Later this week, the deal is expected to be disclosed.
Sentry, a company that creates an application performance monitoring platform, has purchased Codecov, a maker of software development tools. Later this week, the transaction is expected to receive a formal announcement.
Companies like Disney, Cloudflare, and Rockstar Games use Sentry’s open-source software to monitor software and address problems in real-time. The firm was recently valued at more than $3 billion. It has received over $200 million in funding to date from Accel, NEA, Bond, and other investors.
Software development tools are created by Codecov, a company that counts Slack, Lyft, and the Washington Post among its clients. In addition to Accel, Bain Capital, and Draper Associates, Codecov has raised $10 million.
Sentry CEO Milin Desai tells Insider that by combining the two services, Sentry will be able to check for faults at every level of the development process.
“Where the two things coming together become incredibly revolutionary,” said Desai, “is by enabling developers to ship higher quality code and make informed decisions earlier in the cycle.” Jerrod Engelberg, the CEO of Codecov, will continue to lead the Codecov team within Sentry.
When the two happened to sit next to each other at a dinner thrown by venture capital firm Accel, which is an investor in both companies, Engelberg claimed he really addressed Desai about buying Codecov.
Accel Partner Amit Kumar, who assisted in introducing the two CEOs, said: “I mean, that’s what we do well. “We find excuses for our founders to get together, and they naturally agreed that was the correct thing to do.”